Citigroup chief executive officer Richard Parsons listens as President Barack Obama, not pictured, speaks about the economy at Business Roundtable in Washington, March 12, 2009. (AP Photo/Charles Dharapak)

(Newser)
–
The credit crisis isn’t the only problem that's been on Citigroup chairman Richard Parsons’ mind in recent months—there’s also the love child he fathered with a Ralph Lauren model, the New York Daily News reports, and how to tell his wife of 31 years about it. The 61-year-old Parsons met MacDella Cooper, 32, through his support of her charity, founded to help Liberian children. A source says Parsons will support baby Ella, born last August, and has set up a trust fund.

That fund will likely be well funded—Parsons receives no cash from federally subsidized Citigroup, but his 2008 compensation from former employer Time Warner was more than $10 million. Parsons—who has three grown children—regularly credits his wife for his success, telling one author, “I’m certain I would not have followed the career track that I ended up following if it hadn’t been for my wife.”

She was one year old the year he married for love. Oh, well. It's better than buying stock. The market will tank but child support will go on for 18 years at least. Plus a trust fund. Smart cookie. Why do stupid old men believe young chickies really LOVE them?

Observer

May 22, 2009 8:19 AM CDT

It's funny when a supposedly respectable CEO knocks up a NY model and he's anquished about telling his wife. He's anguished because she will clean him out. Parson's will have a much smaller fortune when the wifie's lawyers get into it. Ever heard of condoms Big Shot?

RobN

May 22, 2009 8:01 AM CDT

But he struggled with telling his wife. Awww. Is that supposed to make him less of a Richard? Cause it doesn't.